Finance Minister Sri Mulyani Indrawati said that the development of Sharia financial assets in 2020 stagnated. This was conveyed by Sri Mulyani based on the Global Islamic Report 2020.

"The Global Islamic Economic report in 2020 predicts stagnation in the development of Islamic financial assets in 2020 after the previous year 2019 experienced a very good growth increase of 13.9%," sri Mulyani said in a webinar, Thursday (15/7/2021).

Nevertheless, globally, Sri Mulyani said the development of Sharia assets has grown, from US$ 2.52 trillion to US$ 2.88 trillion. However, the figure is still moving and may have an impact due to the Covid-19 pandemic.

In Indonesia itself, Indonesia's sharia assets are claimed by Sri Mulyani to have grown strongly, total islamic financial assets and excluding sharia stock capitalization, as of March 2021 has reached Rp 1,862.7 trillion or equivalent to 9.96% of all total Indonesian financial assets.

The Sharia capital market also showed good development, until June 2021 sharia stock assets reached Rp 3,372.2 trillion or equivalent to 47.32% of the total capitalization of Indonesia's Composite Stock Price Index (JCI).

Sri Mulyani also reported that the capitalization of corporate sukuk assets and sharia mutual funds is still relatively low. As of June 25, 2021, outstanding corporate sukuk only reached Rp 32.54 trillion with a market share of 7.44%.

Similarly, for sharia mutual funds, the nominal value is Rp 39.75 trillion, with a market share of 7.28%.

Indonesia, said Sri Mulyani needs to strengthen economic and financial resilience including capital market and Islamic capital market. Indonesia must be able to make various developments and progress in sharia economy and Sharia finance, in accordance with the high aspirations of the community to obtain sharia-based instruments.

"With a small base, it is expected that development can continue for the development of the Sharia capital market by increasing the depth and liquidity of the Islamic financial sector," explained Sri Mulyani.

The Government, OJK, and Bank Indonesia, Continued Sri Mulyani will cooperate and commit to develop sharia financial markets and seek policies and regulations as well as in creating instruments so that the sharia capital market grows stable and sustainable.

"This means providing a wider investment space for indonesians," She said.